April 08th 2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Modular Construction Market.
Modular construction market is likely to witness an impressive CAGR of 7.0% during the forecast period. The major factor leading to the growth of the market is infrastructure spending by the global and regional economies. Further, it is estimated that spending on infrastructure and capital projects will increase substantially over the next decade. China, India, and other countries in the Asia Pacific region, along with Brazil and South Africa, are investing enormously in the infrastructure industry, which is required for modernization and commercialization. Rapid urbanization in emerging economies, such as Brazil, India, Malaysia, and Thailand is likely to fuel the spending for the major infrastructure sectors, such as power, construction, and transportation. The improvement in economic conditions of emerging markets is the key factor that is driving the demand for modular construction.
Modular construction is a process in which the components of the building are constructed away from the site, whereas the installation of the prefabricated components is done on site using cranes.
Modular construction can be done with different types such as permanent and relocatable. They are used in different end-use sectors such as housing, commercial, education, healthcare, industrial.
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Modular Construction Market Share: By Construction Type
Based on the construction type, the market is segmented as permanent and relocatable. The permanent segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. Increase in demand for new buildings built in less time, reduction in the cost of construction, and convenience in building process are the major reasons for the dominance of this segment of the market.
Modular Construction Market Share: By Material Type
Based on the material type, the market is segmented as steel, precast concrete, wood, plastic, and others. The steel segment is expected to remain dominant during the forecast period owing to its number of benefits compared to other materials, such as strength, durability, fire resistance, flexibility, structural integrity, and less requirement of maintenance throughout the life of the building.
Modular Construction Market Share: By End-Use Sector Type
Based on the end-use sector type, the modular construction market is segmented as housing, commercial, education, healthcare, and industrial. The housing segment leads the market driven by the increase in population; thus, creating demand for new houses in the urban and sub-urban areas along with rise in the construction activities of buildings and institutes.
Modular Construction Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the fastest-growing modular construction market during the forecast period. The growth is owing to the increasing demand for houses at economical cost in developing economies. China and India are the growth engines of the region. In addition, China is likely to actively participate in abating housing problems, globally. Europe and North America are also expected to offer substantial growth opportunities during the forecast period.
Key players operating in the Modular Construction Market are-
- Laing O’Rourke
- Red Sea Housing
- Bouygues Construction
- Skanska AB
- Algeco Scotsman
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Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Modular Construction Marketanalysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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